Historical Context

Paul Caruana Galizia

Chapter Chapter 3 in Mediterranean Labor Markets in the First Age of Globalization, 2015, pp 11-30 from Palgrave Macmillan

Abstract: Abstract When did globalization begin?1 Some observers point to the 1990s, the decade when the Iron Curtain was lifted, what we now call emerging markets opened up and the Internet was popularized.2 World historians go further back in time. Frank emphatically argues, “There was a single global world economy with a worldwide division of labor and multilateral trade from 1500 onward.”3 Bentley pushes the date further back, claiming that even before 1500 “trade networks reached almost all regions of Eurasia and sub-Saharan Africa.”4 Others appeal to a particular year such as 1492, when Christopher Columbus chanced upon the Americas, or 1498, when Vasco de Gama completed a return trip around Africa to India.5 Economic historians are more skeptical. Menard’s analysis of long-run transport costs shows that between 1300 and 1800 “the international economy was poorly integrated” and that a transport revolution did not occur within the period.6

Keywords: Labor Market; Trade Cost; Commodity Price; Suez Canal; Freight Rate (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-40084-0_3

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DOI: 10.1057/9781137400840_3

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